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FINANCE Minister Sri Mulyani Indrawati said on Wednesday that the state budget (APBN) has been maintained to support the recovery of the economy, which has clocked around 5% growth for eight quarters now.
“The APBN remains maintained to support economic recovery, which grew by around 5 percent for eight quarters,” she stated at the “Handover of the Budget Implementation List (DIPA) and Transfer Allocation Book to Regions for the 2024 Fiscal Year” here.
She noted that in the eight quarters, economic turmoil never stopped. The increase in and volatility of commodity prices, which pushed up inflation and caused interest rates to spike in developed countries, led to capital outflows and exchange rate pressure.
“Indonesia has been able to escape the COVID-19 pandemic and continued to be able to maintain the performance of economic growth in relatively long quarters,” she pointed out.
However, the El Nino phenomenon has affected food prices in Indonesia. It has been deemed necessary for all parties to handle the situation, and the APBN has become a very important instrument to protect Indonesia’s economy.
Besides the balance of payments being maintained, the performance of the trade balance, which recorded a surplus for 42 months, and the current account, which was continuously maintained, have also contributed to the stability of the Indonesian economy.
From 2020 until late 2023, the APBN has continued to be an instrument that the country has relied on to face various turmoils, starting from the COVID-19 pandemic to increases in energy and food prices. The APBN has served as an important instrument to recover the economy and protect the community.
“2024 is the final year of the Onward Indonesia Cabinet. The APBN will continue to support inclusive and sustainable economic transformation toward a developed Indonesia by continuing to build the foundation for quality human resources, building infrastructure, and supporting other reforms,” Indrawati affirmed.
Furthermore, the APBN is also being used to support the strengthening of Indonesia’s resilience and security, maintaining economic stability, and national priority programs. [antaranews/photo special]
